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Daimler invests in fast-charging electric battery firm StoreDot

Thu, Sep 14, 2017 - 11:04 PM

[TEL AVIV, Sept 14 (Reuters) - Israel's StoreDot, which is developing fast-charging battery technology, said on Thursday it raised $60 million in a third round of financing led by the truck division of Germany's Daimler.

The funding round also includes Lucion venture capital and financial institutions from Israel and China, as well as existing investors such as Samsung Ventures and Norma Investments, representing Russian businessman Roman Abramovich.

Daimler has also joined as a strategic partner to accelerate the adoption of StoreDot's FlashBattery technology in the electric vehicles market.

StoreDot said its batteries, which use nanomaterials and proprietary organic compounds, enable fully charging any electric vehicle in five minutes. Earlier this year StoreDot demonstrated a proof of concept for five-minute charging. "Electrification of trucks is of top priority at Daimler,"said Martin Daum, a member of Daimler's board of management with responsibility for Daimler Trucks and Daimler Buses.